Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| Stockolders Equity [Line Items] |
|
| Schedule Of General Partner Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Opening Balance |
$ |
1,434,143 |
|
$ |
1,704,018 |
|
$ |
1,493,699 |
|
$ |
1,486,658 |
Net income (loss) available to common shareholders |
|
(34,887) |
|
|
(22,054) |
|
|
(74,811) |
|
|
222,441 |
Common stock distributions |
|
- |
|
|
(18,111) |
|
|
(18,119) |
|
|
(36,176) |
Redeemable noncontrolling interests |
|
(2,236) |
|
|
(16,759) |
|
|
(5,040) |
|
|
(19,911) |
Change in noncontrolling interests in consolidated |
|
|
|
|
|
|
|
|
|
|
|
joint ventures |
|
- |
|
|
- |
|
|
- |
|
|
(1,958) |
Redemption of common units for common stock |
|
- |
|
|
623 |
|
|
- |
|
|
705 |
Redemption of common units |
|
- |
|
|
- |
|
|
- |
|
|
(1,665) |
Shares issued under Dividend Reinvestment and |
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Plan |
|
11 |
|
|
11 |
|
|
30 |
|
|
21 |
Directors' deferred compensation plan |
|
57 |
|
|
27 |
|
|
139 |
|
|
157 |
Stock Compensation |
|
334 |
|
|
218 |
|
|
764 |
|
|
483 |
Cancellation of unvested LTIP units |
|
- |
|
|
- |
|
|
- |
|
|
2,819 |
Other comprehensive income (loss) |
|
- |
|
|
(4,164) |
|
|
18 |
|
|
(8,202) |
Rebalancing of ownership percent between parent and |
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
1,611 |
|
|
1,778 |
|
|
2,353 |
|
|
215 |
Balance at June 30 |
$ |
1,399,033 |
|
$ |
1,645,587 |
|
$ |
1,399,033 |
|
$ |
1,645,587 |
|
| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended June 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at April 1, 2020 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2020 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Options exercisable at June 30, 2020 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2020 |
225,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at April 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
3,912 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Options exercisable atJune 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2019 |
750,000 |
|
|
|
|
|
|
Information regarding the Company’s stock option plans is summarized below for the six months ended June 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2020 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2020 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Options exercisable at June 30, 2020 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2020 |
225,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
1,824 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Options exercisable at June 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2019 |
750,000 |
|
|
|
|
|
|
|
| Schedule Of Weighted Average Assumptions |
|
|
|
|
|
|
|
AO LTIP |
|
|
Units |
|
Expected life (in years) |
5.5 - 6.0 |
|
Risk-free interest rate |
2.6 |
% |
Volatility |
29.0 |
% |
Dividend yield |
3.5 |
% |
|
| Schedule Of Restricted Stock Awards |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended June 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at April 1, 2020 |
42,690 |
|
$ |
21.08 |
Vested |
(25,614) |
|
|
21.08 |
Outstanding at June 30, 2020 |
17,076 |
|
$ |
21.08 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at April 1, 2019 |
66,321 |
|
$ |
22.38 |
Vested |
(40,185) |
|
|
20.16 |
Outstanding at June 30, 2019 |
26,136 |
|
$ |
25.80 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the six months ended June 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2020 |
42,690 |
|
$ |
21.08 |
Vested |
(25,614) |
|
|
21.08 |
Outstanding at June 30, 2020 |
17,076 |
|
$ |
21.08 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2019 |
67,289 |
|
$ |
22.43 |
Vested |
(41,153) |
|
|
20.29 |
Outstanding at June 30, 2019 |
26,136 |
|
$ |
25.80 |
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
Computation of Basic EPS |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Income (loss) from continuing operations |
$ |
(42,734) |
|
$ |
(22,479) |
|
$ |
(74,825) |
|
$ |
244,887 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
829 |
|
|
847 |
|
|
1,005 |
|
|
2,095 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
4,626 |
|
|
2,647 |
|
|
8,292 |
|
|
(24,196) |
Add (deduct): Redeemable noncontrolling interests |
|
(6,471) |
|
|
(5,006) |
|
|
(12,942) |
|
|
(9,673) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
interests attributable to common shareholders |
|
(2,236) |
|
|
(16,759) |
|
|
(5,040) |
|
|
(19,911) |
Income (loss) from continuing operations available to common shareholders |
|
(45,986) |
|
|
(40,750) |
|
|
(83,510) |
|
|
193,202 |
Income (loss) from discontinued operations available to common shareholders |
|
8,863 |
|
|
1,937 |
|
|
3,659 |
|
|
9,328 |
Net income (loss) available to common shareholders for basic earnings per share |
$ |
(37,123) |
|
$ |
(38,813) |
|
$ |
(79,851) |
|
$ |
202,530 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
90,629 |
|
|
90,533 |
|
|
90,622 |
|
|
90,516 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common shareholders |
$ |
(0.51) |
|
$ |
(0.45) |
|
$ |
(0.92) |
|
$ |
2.14 |
Income (loss) from discontinued operations available to common shareholders |
|
0.10 |
|
|
0.02 |
|
|
0.04 |
|
|
0.10 |
Net income (loss) available to common shareholders |
$ |
(0.41) |
|
$ |
(0.43) |
|
$ |
(0.88) |
|
$ |
2.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
Computation of Diluted EPS |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net income (loss) from continuing operations available to common shareholders |
$ |
(45,986) |
|
$ |
(40,750) |
|
$ |
(83,510) |
|
$ |
193,202 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
(4,626) |
|
|
(2,647) |
|
|
(8,292) |
|
|
24,196 |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
interests attributable to the Operating Partnership unitholders |
|
(237) |
|
|
(1,850) |
|
|
(533) |
|
|
(2,207) |
Income (loss) from continuing operations for diluted earnings per share |
|
(50,849) |
|
|
(45,247) |
|
|
(92,335) |
|
|
215,191 |
Income (loss) from discontinued operations for diluted earnings per share |
|
9,800 |
|
|
2,150 |
|
|
4,047 |
|
|
10,378 |
Net income (loss) available for diluted earnings per share |
$ |
(41,049) |
|
$ |
(43,097) |
|
$ |
(88,288) |
|
$ |
225,569 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
100,213 |
|
|
100,523 |
|
|
100,198 |
|
|
100,825 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS: |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common shareholders |
$ |
(0.51) |
|
$ |
(0.45) |
|
$ |
(0.92) |
|
$ |
2.14 |
Income (loss) from discontinued operations available to common shareholders |
|
0.10 |
|
|
0.02 |
|
|
0.04 |
|
|
0.10 |
Net income (loss) available to common shareholders |
$ |
(0.41) |
|
$ |
(0.43) |
|
$ |
(0.88) |
|
$ |
2.24 |
The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Basic EPS shares |
|
90,629 |
|
90,533 |
|
90,622 |
|
90,516 |
Add: Operating Partnership – common and vested LTIP units |
|
9,584 |
|
9,990 |
|
9,576 |
|
10,115 |
Restricted Stock Awards |
|
- |
|
- |
|
- |
|
26 |
Stock Options |
|
- |
|
- |
|
- |
|
168 |
Diluted EPS Shares |
|
100,213 |
|
100,523 |
|
100,198 |
|
100,825 |
|
| Mack-Cali Realty LP [Member] |
|
| Stockolders Equity [Line Items] |
|
| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended June 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at April 1, 2020 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2020 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Options exercisable at June 30, 2020 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2020 |
225,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at April 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
3,912 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Options exercisable atJune 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2019 |
750,000 |
|
|
|
|
|
|
Information regarding the Company’s stock option plans is summarized below for the six months ended June 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2020 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2020 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Options exercisable at June 30, 2020 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2020 |
225,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
1,824 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Options exercisable at June 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2019 |
750,000 |
|
|
|
|
|
|
|
| Schedule Of Weighted Average Assumptions |
|
|
|
|
|
|
|
AO LTIP |
|
|
Units |
|
Expected life (in years) |
5.5 - 6.0 |
|
Risk-free interest rate |
2.6 |
% |
Volatility |
29.0 |
% |
Dividend yield |
3.5 |
% |
|
| Schedule Of Restricted Stock Awards |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended June 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at April 1, 2020 |
42,690 |
|
$ |
21.08 |
Vested |
(25,614) |
|
|
21.08 |
Outstanding at June 30, 2020 |
17,076 |
|
$ |
21.08 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at April 1, 2019 |
66,321 |
|
$ |
22.38 |
Vested |
(40,185) |
|
|
20.16 |
Outstanding at June 30, 2019 |
26,136 |
|
$ |
25.80 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the six months ended June 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2020 |
42,690 |
|
$ |
21.08 |
Vested |
(25,614) |
|
|
21.08 |
Outstanding at June 30, 2020 |
17,076 |
|
$ |
21.08 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2019 |
67,289 |
|
$ |
22.43 |
Vested |
(41,153) |
|
|
20.29 |
Outstanding at June 30, 2019 |
26,136 |
|
$ |
25.80 |
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
Computation of Basic EPU |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Income (loss) from continuing operations |
|
$ |
(42,734) |
|
$ |
(22,479) |
|
$ |
(74,825) |
|
$ |
244,887 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
|
829 |
|
|
847 |
|
|
1,005 |
|
|
2,095 |
Add (deduct): Redeemable noncontrolling interests |
|
|
(6,471) |
|
|
(5,006) |
|
|
(12,942) |
|
|
(9,673) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests |
|
|
(2,473) |
|
|
(18,609) |
|
|
(5,573) |
|
|
(22,118) |
Income (loss) from continuing operations available to unitholders |
|
|
(50,849) |
|
|
(45,247) |
|
|
(92,335) |
|
|
215,191 |
Income (loss) from discontinued operations available to unitholders |
|
|
9,800 |
|
|
2,150 |
|
|
4,047 |
|
|
10,378 |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(41,049) |
|
$ |
(43,097) |
|
$ |
(88,288) |
|
$ |
225,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units |
|
|
100,213 |
|
|
100,523 |
|
|
100,198 |
|
|
100,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to unitholders |
|
$ |
(0.51) |
|
$ |
(0.45) |
|
$ |
(0.92) |
|
$ |
2.14 |
Income (loss) from discontinued operations available to unitholders |
|
|
0.10 |
|
|
0.02 |
|
|
0.04 |
|
|
0.10 |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(0.41) |
|
$ |
(0.43) |
|
$ |
(0.88) |
|
$ |
2.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
Computation of Diluted EPU |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net income (loss) from continuing operations available to common unitholders |
|
$ |
(50,849) |
|
$ |
(45,247) |
|
$ |
(92,335) |
|
$ |
215,191 |
Income (loss) from discontinued operations for diluted earnings per unit |
|
|
9,800 |
|
|
2,150 |
|
|
4,047 |
|
|
10,378 |
Net income (loss) available to common unitholders for diluted earnings per unit |
|
$ |
(41,049) |
|
$ |
(43,097) |
|
$ |
(88,288) |
|
$ |
225,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common unit |
|
|
100,213 |
|
|
100,523 |
|
|
100,198 |
|
|
100,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common unitholders |
|
$ |
(0.51) |
|
$ |
(0.45) |
|
$ |
(0.92) |
|
$ |
2.14 |
Income (loss) from discontinued operations available to common unitholders |
|
|
0.10 |
|
|
0.02 |
|
|
0.04 |
|
|
0.10 |
Net income (loss) available to common unitholders |
|
$ |
(0.41) |
|
$ |
(0.43) |
|
$ |
(0.88) |
|
$ |
2.24 |
The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Basic EPU units |
|
100,213 |
|
100,523 |
|
100,198 |
|
100,631 |
Add: Restricted Stock Awards |
|
- |
|
- |
|
- |
|
26 |
Add: Stock Options |
|
- |
|
- |
|
- |
|
168 |
Diluted EPU Units |
|
100,213 |
|
100,523 |
|
100,198 |
|
100,825 |
|